Financialization as Welfare (eBook, PDF) - Golka, Philipp
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Providing an in-depth case study on the emergence of social impact investing in the UK, this book develops a new perspective on financialization processes that highlights the roles of non-financial actors. In contrast to the common view that impact investing gears finance toward the solution of social problems, the author analyzes how these investments create new problems and inequalities. To explain how social impact investing became popular in British social policy despite its unclear effectiveness, the author focuses on cooperative relations between institutional entrepreneurs from finance…mehr

Produktbeschreibung
Providing an in-depth case study on the emergence of social impact investing in the UK, this book develops a new perspective on financialization processes that highlights the roles of non-financial actors. In contrast to the common view that impact investing gears finance toward the solution of social problems, the author analyzes how these investments create new problems and inequalities. To explain how social impact investing became popular in British social policy despite its unclear effectiveness, the author focuses on cooperative relations between institutional entrepreneurs from finance and various non-financial actors. Drawing on field theory, he shows how seemingly unrelated social transformations – such as HM Treasury's expanding role in public service reform – may act as resonance spaces for the spread of finance. 

Opening up a new perspective on financialization processes in the terrain of public policy, this book invites readers to refocus scholarship on capitalist dynamics to the meso-level. Based on this analysis, the author also proposes ways to transform social impact investing to increase its potential for reducing global inequalities.


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Autorenporträt
Philipp Golka obtained his PhD in Sociology from the Friedrich Schiller University Jena, Germany and has researched financialization at the University of Hamburg, Germany, and the École des Hautes Études en Sciences Sociales Paris, France. He first became interested in impact investing in 2011 and, before becoming a researcher, has held multiple professional positions related to the field.

Inhaltsangabe
1 Introduction 2 Financialization and Social Impact Investing 2.1 What is financialization? 2.1.1 Financialization in markets and institutionalist perspectives on capitalism 2.1.2 Financialization beyond markets and the role of the state 2.2 Social impact investing in the UK: Linking financialization and institutionalist scholarship 2.2.1 What is social impact investing? 2.2.2 Social impact investing and social policy dynamics in the UK 3 Financialization, Fields, and Change 3.1 Fields and financialization 3.1.1 The use of fields for the study of financialization 3.1.2 Neo-institutional field theories and their limitations 3.1.3 Fligstein & McAdam's Alternative 3.2 Strategic action fields and financialization 3.2.1 Financialization revisited 3.2.2 Social skill, cooperation, and field interdependence 3.2.3 Settlements and field dynamics 3.3 Understanding the void: Cooperation, opportunities, and mechanisms 3.3.1 Opportunities and the problem of horizontal cooperation 3.3.2 Pragmatist mechanisms and the emergence of cooperation 4 Methodology and Research Methods 4.1 Abductive analysis 4.2 Research process 4.3 Research design 4.3.1 Single case study design 4.3.2 Material 4.3.3 Data analysis 5 The Financialization of Welfare 5.1 The field of social impact investing in the UK 5.2 Social impact: Definitions and governance 5.3 Social impact investing and redistribution 5.3.1 Financial intermediation 5.3.2 Capital mobilization and public subsidies 5.3.3 Private subsidies 5.3.4 Labor and redistribution 6 Financialization as Welfare 6.1 Entrenched social problems 6.1.1 What counts as a social problem 6.1.2 What does not count as a social problem 6.2 Theorizing causes: The impact and investment narratives 6.2.1 The under-investment narrative 6.2.2 The impact narrative 6.3 Financialization as welfare 6.3.1 Celebrating disruption: The Social Innovation discourse 6.3.2 Prognostic framing: Impact investing and the solution of social problems 6.3.3 Motivational framing and the impact investing field frame 7 Field Emergence and Stabilization 7.1 1997-2002: Policy innovation and disparate fields 7.1.1 Setting the stage: British social policy around the millennium 7.1.2 Precursors of social impact investing 7.2 2001-2005: Contesting social enterprise policy and public service delivery 7.2.1 Social enterprise: Settling the rules, expanding the scope 7.2.2 Early dynamics in social investment and social enterprise finance 7.2.3 Treasury appropriating social policy: Towards hybridization and resonance 7.3 2006: Critical juncture 7.3.1 Unclaimed Assets and the birth of Social Impact Investing 7.3.2 The Office of the Third Sector: hybridizing social enterprise policy 7.4 2007-2010: Piloting social impact investing 7.4.1 Gordon Brown as Prime Minister 7.4.2 Creating resonance for the financialization of welfare 7.4.3 Bridging the disconnect: The birth of Social Impact Bonds 7.5 2010-2016: Field expansion 7.5.1 Conservatives and the emergence of a new settlement 7.5.2 Maintaining investors' expectations through subsidies: The leveraging state 8 Financialization, Resonance, and the Emergence of Cross-Field Ties 8.1 Pragmatist mechanisms and cooperation in social impact investing 8.2 Resonance 8.3 Resonance spaces and field dynamics 8.4 Resonance spaces and financialization 9 Discussion and Conclusion 9.1 Implications for sociological theorizing 9.2 Implications for financialization scholarship 9.3 Limitations and future research 9.4 Is social impact investing a bad thing? 10 References Appendix A. Central Government Subsidies Appendix B. Cited Material Appendix C. Analyzed Material